IPOs

Mobikwik files draft paper for Rs 1,900 crore IPO

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MOBIKWIK

BENGALURU: Digital bills company Mobikwik has filed Draft Red Herring Prospectus with the Securities Exchange Board of India(SEBI) to boost Rs 1,900 crore ($255 million) at a $1 billion valuation. this may additionally encompass a suggestion purchasable of as much as Rs four hundred crore and Rs 1,500 crore number one issue, as per the corporate filings.

The shareholders who will participate inside the OFS encompass American Express, Bajaj Finance, co-founders Bipin Preet Singh, Upasana Taku, Sequoia Capital, Teeline Asia, and Cisco Systems. Mobikwik became valued at $seven hundred million inside the final financing spherical while it raised $20 million from Abu Dhabi Investment Authority.

The fintech startup joins a league of new-age organizations which might be getting ready to list on Indian inventory markets at a time while the marketplace indices have rallied in spite of Covid hitting the financial system hard. Mobikwik became based nearly a decade in the past as a cell wallets company to supply a bouquet of monetary offerings together with small-price price tag loans and coverage services. the corporate stated in its DRHP that for the 12 months ended March 2021 its general profits became down with the aid of using 18% to Rs 302 crore whilst its losses rose 12% to Rs 111 crore.

Mobikwik stated that its person base has jumped to one zero one million, while the platform onboarded over three million traders for each online/ offline bill. The company’s purchase now can pay later services in partnership with third-celebration packages is focused at obtaining clients with common credit score profiles to avail low-price capital and different monetary products.

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